Here are five ways to improve the CFPB
By Jeff Lazerson
What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.
Rate news summary
From Freddie Mac’s weekly survey: The 30-year fixed rate averaged 3.94 percent, 4 basis points more expensive than last week’s 3.90 percent. The 15-year fixed averaged 3.36, 6 basis points more expensive than last week’s 3.30 percent.
The Mortgage Bankers Association reported a 4.7 percent increase in loan application volume from the previous week.
Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 4.13 percent and payment of $2,197 was $49 more than this week’s payment of $2,148.
What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages at zero cost: A 15-year at 3.375 percent, a 30-year at 3.875 percent, a 15-year agency high-balance ($424,100 to $636,150) at 3.75 percent, a 30-year agency high-balance at 4.125 percent, a 15-year jumbo (over $636,150) at 4.25 percent and a 30-year jumbo at 4.375 percent.
What I think: After a five-year run as its first director of the Consumer Financial Protection Bureau, Richard Cordray recently quit to run for governor of Ohio.
Maybe President Trump can do as good a job picking the new CFPB director as he did picking Supreme Court Justice Neil Gorsuch. Consumers, the mortgage industry and the country deserve better.
Let me count the ways:
" If you prefer to select one loan provider rather than spend time shopping, Mortgage Grader looks like a good choice" - Washington Posts
Website May Lead to Fairer Loans
"It's a noble proposition; getting folks a square deal on a mortgage using the ubiquity of the internet." -Jonathan Lansner, Business Columnist
"My post was about the difficulties inherent in getting consumers to choose this superior model for getting financial advice."
- Justin Fox, Business and Economics Columnist